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SBI PPF Calculator

PPF Maturity Amount

What is an SBI PPF Account?

As a government-backed long-term savings scheme, the Public Provident Fund (PPF) offers various benefits to investors, which include returns, tax benefits, loan facilities, partial premature withdrawal, etc. An individual can build a suitable retirement corpus by contributing a specific amount monthly or yearly. The mandatory lock-in period of a PPF account is 15 years.

PPF falls under an exempt-exempt-exempt (EEE) category. The contribution made in PPF is allowed as a tax deduction under Section 80C of the Income-Tax Act (ITA), 1961. In addition, the interest earned and the maturity proceeds are also tax-exempt at the time of withdrawal.

How Does the SBI PPF Calculator Work?

The SBI PPF interest rate calculator provides an easy-to-use and user-friendly interface. The SBI PPF calculator displays the exact estimations using variables such as the investment amount, the tenure, and the interest rate. 

Once a user enters the requisite information, the SBI PPF calculator calculates the maturity value using the PPF formula. The interest that is added to the principal amount each year is also taken into consideration. The composition of the investment is generated, highlighting the maturity value, which is the total amount invested and the interest earned throughout the investment tenure of a minimum of 15 years.

How to use the online SBI PPF Calculator?

You can follow the easy steps mentioned below to use the SBI PPF calculator and calculate expected returns from post office PPF investments accurately:

Select the frequency of investment: The frequency of your investment will influence your maturity value. Ideally, select the ‘Monthly’ option if you are salaried for more convenient investment and accurate results.

Enter the monthly PPF investment: It is the amount you wish to invest in the PPF account. You could input a monthly, quarterly, semi-annual, or annual amount. Also, ensure that your investment amount is not more than Rs 12,500 per month or Rs 1.5 lakh a year.

Interest rate: The current interest rate for PPF investment will be auto-entered. Thus, you do not need to enter the interest rate. 

Select the investment duration: It is the time you will continue your PPF investment. The minimum time available is 15 years, and you have the option to extend the term in batches of five years after that. The PPF calculator assumes that you will be investing the same amount till the time of maturity.

Check the future value:  Once you enter all the above details, our calculator will automatically show the maturity amount. 

What Is the SBI PPF Calculator Formula?

To determine the estimated value of a PPF investment at maturity, the following formula is applied:

M = P [({(1+i) ^n}-1)/i]

In which:

M=the maturity value of the PPF

P=yearly instalments

i= the interest rate

n=the duration in years

Example of SBI PPF Calculation

An individual can invest a maximum of up to 1.5 lakh per financial year in a post office PPF account. In case an investor invests Rs 1.5 lakh a year at a 7.1% interest rate, the contribution during that period will be Rs 22,50,000.

The scheme provides compound interest, which will be Rs 18,18,209 in 15 years, which is the maximum duration one can invest. After the completion of the PPF scheme, the maturity amount will stand at Rs 40,68,209.

Furthermore, after completing a maximum duration of 15 years, you can extend it for further blocks of five years and continue investing.

After completing the first five-year extension, the investment will rise to Rs 30,00,000. The interest received will be Rs 36,58,288, and the maturity value will be Rs 66,58,288.

Additionally, you can opt for another extension of five years. The total investment will be for 25 years, in which the investment amount is Rs 37,50,000, the interest will be Rs 65,58,015, and the total corpus will be Rs 1,03,08,015.

SBI PPF Interest Rate 2024

The interest on PPF  is calculated based on the minimum balance in an investor’s account, usually between the fifth and end of the month. The Central Government revises the PPF interest rate every quarter. Over the past few years, the return has been experiencing a dip. The current SBI PPF interest rate is 7.1% per annum for 1 April - 30 June 2024.

Benefits of using a SBI PPF Calculator

The PPF calculator SBI monthly provides various benefits, which include:

Exact estimation: The SBI PPF calculator provides accurate calculations, aiding a user in getting an accurate assessment of an investment's growth and maturity amount.

Saving time: Manual calculations are often time-consuming and error-prone. A user can save time and effort by utilising the SBI PPF calculator.

Easy adjustments: Adjusting the amount invested on the SBI PPF calculator allows a user to explore alternative investment situations. This will enable an individual to make informed decisions based on financial objectives.

Goal-focused planning: The SBI PPF calculator assists a user in aligning the PPF investments with financial objectives. Users may also benefit from a clear visualisation of possible profits and work strategically to address their financial objectives.

Realistic return expectations: The PPF calculator SBI Bank significantly assists in setting realistic expectations concerning a PPF return as it displays near-exact figures. 

Eligibility Criteria for Opening a SBI PPF Account

To open a PPF account with the State Bank of India (SBI), one needs to fulfil a few requirements, which are mentioned below:

Citizenship: An applicant must be an Indian resident and citizen. Non-resident Indians (NRIs) are not eligible to open a PPF SBI account.

Age limit: Those above the age of 18 can open a PPF account. A minor, along with their legal guardian or parents, may also open an account in the minor's name.

Maximum accounts: Only one PPF account per subscriber is allowed. An individual is not authorised to open more than one account unless they are a parent or guardian who has previously opened an account for a child.

Initial deposit: To open a PPF account, an individual has to make an initial deposit of about Rs 500, which can go up to 1.5 lakh.

Duration: The PPF investment has a mandatory 15-year maturity tenure. However, after the mandatory maturity tenure, it is possible to extend the account up to a period of 50 years. This offers versatility for long-term investment strategy.

Other PPF Calculators:
1.  HDFC Bank PPF Calculator
2. Axis Bank PPF Calculator
3. Canara Bank PPF Calculator
4. Post Office PPF Calculator
5. ICICI Bank PPF Calculator

Frequently Asked Questions

Should you invest in an SBI PPF or an SBI FD scheme?

SBI PPF and FD schemes differ substantially and have their own set of benefits and features. For example, the lock-in period for SBI PPF is 15 years, while SBI FD tenure ranges from 7 days to 120 months. Bank FD provides flexibility to choose the investment period. As far as flexibility is concerned, SBI FD offers a better investment avenue. However, that solely depends on the investment goal, financial objective, and investor’s preference. 

How to check SBI PPF balance online?

You can check the SBI PPF balance by simply logging into the SBI net banking account.

Does the PPF account by SBI provide tax benefits?

PPF scheme falls under the Exempt-Exempt Exempt (EEE) tax exemption category. This means a contribution made is allowed as a tax deduction under Section 80C of the Income Tax Act (ITA), 1961. The interest earned thereon is exempt under Section 10(11) of the ITA. 

Can I avail of loans against SBI PPF account?

Yes, you can avail loans against PPF accounts in the SBI PPF after the expiry of the first year and within the sixth financial year from the account opening date. Additionally, partial PPF withdrawal is allowed, subject to certain conditions.

Can I close my SBI PPF account before PPF maturity?

SBI PPF accounts have a mandatory 15-year lock-in period. While partial PPF withdrawal is allowed subject to certain conditions, closing the account completely is not allowed before the completion of the maturity period.

Is it mandatory to invest in an SBI PPF account every year?

Yes, it is mandatory to invest in an SBI PPF account every year. You can invest a minimum of Rs 500 per year in an SBI PPF account.

How can I get maximum benefits from a PPF account at SBI?

An investment in the SBI PPF account can be made through a monthly or a one-time lump sum amount. It is necessary to make the investment before the 5th of every month to claim the full interest and high PPF maturity.

Is SBI PPF tax-free?

Yes, SBI PPF is tax-exempt, wherein both the investment, interest and maturity amount are tax-free.

How many contributions can be made to the SBI PPF Account in a year?

A maximum of 12 contributions can be made to the PPF account in a year, and the amount shall not exceed Rs 1.5 lakh.

What is the SBI PPF account tenure?

The PPF account is generally for a 15-year tenure. However, it can be extended for an additional five years after the 15-year maturity period.

Is the SBI PPF calculator free to use?

Yes, the online SBI PPF calculator is free to use. An individual who wishes to estimate their PPF return on their investment can use it.

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